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Is the EU money market fund regulation fit for purpose? Lessons from the COVID-19 turmoil
Capotæa, Laura-Dona; Grill, Michael; Molestina Vivar, Luis - 2022
The market turmoil in March 2020 highlighted key vulnerabilities in the EU money market fund (MMF) sector. This paper assesses the effectiveness of the EU's regulatory framework from a financial stability perspective, based on a panel analysis of EU MMFs at a daily frequency. First, we find that...
Persistent link: https://www.econbiz.de/10014278421
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Is the EU Money Market Fund Regulation Fit for Purpose? Lessons from the COVID-19 Turmoil
Capotă, Laura-Dona; Grill, Michael; Molestina Vivar, Luis - 2022
The market turmoil in March 2020 highlighted key vulnerabilities in the EU money market fund (MMF) sector. This paper assesses the effectiveness of the EU's regulatory framework from a financial stability perspective, based on a panel analysis of EU MMFs at a daily frequency. First, we find that...
Persistent link: https://www.econbiz.de/10014236736
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Market failures in market-based finance
Di Iasio, Giovanni; Kryczka, Dominika - 2021
to (i) the liquidity regulation of AMs and (ii) the solvency regulation of IIs can improve upon the competitive …
Persistent link: https://www.econbiz.de/10012515466
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Macroprudential Regulation of Investment Funds
di Iasio, Giovanni; Kaufmann, Christoph; Wicknig, Florian - 2022
. Without regulation, funds hold insufficient deposits and must sell bonds when hit by large redemptions. Bond liquidation is …
Persistent link: https://www.econbiz.de/10013403692
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Insurance corporations' balance sheets, financial stability and monetary policy
Kaufmann, Christoph; Leyva, Jaime; Storz, Manuela - 2024
The euro area insurance sector and its relevance for real economy financing have grown significantly over the last two decades. This paper analyses the effects of monetary policy on the size and composition of insurers' balance sheets, as well as the implications of these effects for financial...
Persistent link: https://www.econbiz.de/10014543633
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Insurers' investment strategies: Pro- or countercyclical?
Rousová, Linda; Giuzio, Margherita - 2019
Traditionally, insurers are seen as stabilisers of financial markets that act countercyclically by buying assets whose price falls. Recent studies challenge this view by providing empirical evidence of procyclicality. This paper sheds new light on the underlying reasons for these opposing views....
Persistent link: https://www.econbiz.de/10012142143
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Insurers’ Investment Strategies : Pro- or Countercyclical?
Fache Rousová, Linda; Giuzio, Margherita - 2021
Traditionally, insurers are seen as stabilisers of financial markets that act countercyclically by buying assets whose price falls. Recent studies challenge this view by providing empirical evidence of procyclicality. This paper sheds new light on the underlying reasons for these opposing views....
Persistent link: https://www.econbiz.de/10013315359
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A stochastic forward-looking model to assess the profitability and solvency of European insurers
Berdin, Elia; Kok, Christoffer; Pancaro, Cosimo - 2017
In this paper, we develop an analytical framework for conducting forward-looking assessments of profitability and solvency of the main euro area insurance sectors. We model the balance sheet of an insurance company encompassing both life and non-life business and we calibrate it using country...
Persistent link: https://www.econbiz.de/10011667212
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A model of system-wide stress simulation: Market-based finance and the Covid-19 event
Di Iasio, Giovanni; Alogoskoufis, Spyridon; Kördel, Simon - 2022
equilibrium effects of the macroprudential regulation of nonbanks, which we illustrate by varying investment fund cash buffers … from environmental regulation, The effect is moderated by banks' own loan portfolio composition, Banks with a portfolio …, our results indicate that financial impli- cations of regulation associated with climate change appear to be the main …
Persistent link: https://www.econbiz.de/10013368001
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Investor-driven corporate finance: Evidence from insurance markets
Kubitza, Christian - 2023
I study the causal effect of bond investor demand on the financing and investment decisions of nonfinancial firms using granular data on the bond transactions of U.S. insurance companies. Liquidity inflows from insurance premiums combined with insurers' persistent investment preferences identify...
Persistent link: https://www.econbiz.de/10014374692